CBDT New Campaign: CBDT has started a new campaign, taxpayers will get a chance to tell about undeclared foreign assets:

CBDT New Campaign: CBDT has started a new campaign, taxpayers will get a chance to tell about undeclared foreign assets

Business

Desk 2024-11-18 01:15:00

CBDT New Campaign: The Income Tax Department on Saturday said that a campaign has been launched to inform taxpayers who have not disclosed high-value foreign income or assets in their ITR (Income Tax Return) for Assessment Year (AY) 2024-25. The Central Board of Direct Taxes (CBDT) has launched a compliance-cum-awareness campaign for AY 2024-25 to inform taxpayers to correctly fill the schedule 'Foreign Assets' (Schedule FA) in their Income Tax Return ( ITR ) and about income from foreign sources (Schedule FSI).

Who will get the messages?

CBDT has issued a statement. The statement said that informative messages will be sent through SMS and email to those resident taxpayers who have already submitted their ITRs for the assessment year 2024-25.

Income or property from abroad

The board said that these messages are for persons identified through information received under bilateral and multilateral agreements. This information shows that these persons may have foreign accounts or assets, or it is possible that they have received income from abroad.

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